Rupee rises 35 paise to 94.71 against dollar: What is driving the recovery
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓The Indian rupee rose 35 paise to 94.71 against the US dollar on Friday, October 16.
- ✓Traders unwound bearish bets as the Reserve Bank of India continued to support the currency.
- ✓A trader said there had been a “fair amount” of unwinding of long USD/INR positions this week, helping the recovery.
Story at a Glance
- Category
- BUSINESS
- Reported By
- CNBC TV18
- Reading Speed
- 3 Minute(s)
- Market Focus
- India Economy
The Indian rupee opened 35 paise higher at 94.71 against the US dollar on Friday (October 16), compared with Thursday’s (October 15's) closing level of 95.06, as traders unwound bearish bets on the domestic currency and expectations of continued dollar selling by the Reserve Bank of India (RBI) lent support.
The rupee’s gains come even as other Asian currencies weakened and the dollar index edged higher, indicating that the domestic currency has been charting a different course amid a series of RBI measures aimed at curbing dollar demand and supporting the rupee.
A currency trader at a foreign bank said there had been a “fair amount” of unwinding of long USD/INR positions this week. The development has supported the rupee in the offshore non-deliverable forward (NDF) market, the trader said, adding that the RBI’s determination to push the rupee higher could encourage further cuts in long-dollar positions.
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CNBC TV18
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